Entrepreneur: a person who starts his or her own business in the hope of earning a profit
Entrepreneurship: the imagination, innovative thinking, and management skills needed to start and operate a business
Free enterprise: a system that allows people to make choices freely in their economic roles
Goods: items that can be bought or sold
Profit: the amount of money left after all business expenses have been paid
Service: work done for others, such as haircuts or car repairs
Inventor: creates and produces a product or item for the first time by using his or her imagination or reasoning and experimentation
Patent: a legal title that protects and invention from being copied for a limited time. In the United States, a patent is granted for 20 years.
Session 2: Capital Resources: Buildings, tools, and machines that are used to produce goods or services. Human Resources: People who do the work that a business needs Natural Resources: Things that occur naturally in the world, such as water, minerals, and trees. Opportunity cost: The value of the next best alternative given up when a choice is made. Resource: Something of value that takes care of a need. Scarcity: A situation in which people can't have everything that they want because of limited resources Technology: The use of machinery, equipment, and/or processes to make or do something. Technophiles: People who are comfortable with and adapt to new equipment easily. Technophobes: people who are trying new technological devices.
Session 3: Communication: Written or spoken exchange between people to share information Demand: The quantity of a particular good or service that consumers are willing and able to buy Engineering: Using a foundation of math and science to design better products, engineers build and test prototypes or models to see if they work. Skills: A person’s talents or abilities Supply: The quantity of a good or service that producers are willing and able to sell at different prices at a particular time.
Session 4
Employees- People who work for a business Employers- Businesses that hire workers High-growth, high demand jobs: Jobs projected to add substantial numbers of employees to the workforce or affect the growth of other industries Job interview: The discussion between a potential employee and employer to help decide if the job is a good match Resume: A written summary of a person’s education and work experience to help employers hire the best employees for the job.
Session 2:
Capital Resources: Buildings, tools, and machines that are used to produce goods or services.
Human Resources: People who do the work that a business needs
Natural Resources: Things that occur naturally in the world, such as water, minerals, and trees.
Opportunity cost: The value of the next best alternative given up when a choice is made.
Resource: Something of value that takes care of a need.
Scarcity: A situation in which people can't have everything that they want because of limited resources
Technology: The use of machinery, equipment, and/or processes to make or do something.
Technophiles: People who are comfortable with and adapt to new equipment easily.
Technophobes: people who are trying new technological devices.
Session 3:
Communication: Written or spoken exchange between people to share information
Demand: The quantity of a particular good or service that consumers are willing and able to buy
Engineering: Using a foundation of math and science to design better products, engineers build and test prototypes or models to see if they work.
Skills: A person’s talents or abilities
Supply: The quantity of a good or service that producers are willing and able to sell at different prices at a particular time.
Session 4
Employees- People who work for a business
Employers- Businesses that hire workers
High-growth, high demand jobs: Jobs projected to add substantial numbers of employees to the workforce or affect the growth of other industries
Job interview: The discussion between a potential employee and employer to help decide if the job is a good match
Resume: A written summary of a person’s education and work experience to help employers hire the best employees for the job.